The film adaptation of E.L. James best-selling book 'Fifty Shades of Grey' will be released on August 1, 2014.

The news of the release date was finally announced by Focus Features via Facebook on June 27. A statement was posted on Facebook which read: "The global release of 'Fifty Shades of Grey' will start in North America on Friday, August 1st, 2014 with opening dates around the world to be announced. The Focus Features domestic theatrical release will be in theaters nationwide. Universal Pictures International is releasing the movie in the rest of the world."

Rumors surrounding the movie, including possible cast members, have been swirling on the internet since the news that a movie adaptation of the book come to light.

Last week, it was announced that Sam Taylor-Johnson will be directing the movie. The film will be adapted into screenplay by Kelly Marcel.

Rumors as to who will play 27-year-old Christian Grey, the powerful billionaire who falls in love with 22-year-old Anastasia Steele, have been rife. Grey, is a character described as having "unruly dark-copper-colored hair and intense, bright gray eyes." Rumored contenders for the Grey role includes Ian Somerhalder, Matt Bomer, Henry Cavill, and most recently Robert Pattinson, as the author of the hit book was spotted at his Great Gatsby-themed birthday party last week.

Top rumored contenders for the Anastasia Steele role are Alexis Biedel, Emma Watson, and Mila Kunis.

The 'Fifty Shades of Grey' movie will be produced by Michael De Luca and Dana Brunetti - the movie is expected to be NC-17 rated.

The "Fifty Shades" erotic trilogy (50 Shades of Grey, 50 Shades Darker, 50 Shades Freed), written by British author E.L. James, has become one of the best-selling books of all time.

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